IWS Documented News DAILY POSTINGS

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

AARP

African American Experiences in the Economy: Recession Effects More Strongly Felt [February 2010]

By: Rebecca Perron, AARP Knowledge Management |

http://www.aarp.org/research/surveys/money/econ/trends/articles/economyaa.html

or

http://assets.aarp.org/rgcenter/econ/economyaa.pdf

[full-text, 57 pages]

 Include numerous CHARTS & TABLES....

[excerpt]

While millions of Americans have experienced hard times during the economic recession, the environment for many African Americans age 45+ and their families has been particularly difficult.  This survey is part of AARP’s continued look at how Americans age 45 and older are faring in this economy.

African Americans age 45+ have been forced to make increasingly difficult decisions to cope with this economic downturn—decisions that could have serious long-term consequences.   A third (34%) stopped putting money into a 401(k), IRA or other retirement account, and a quarter (26%) prematurely withdrew funds from their retirement nest eggs to pay for living expenses, including mortgage or rent, health care, education expenses, and for other reasons.  More than three in ten (31%) have cut back on their medications, and 28% have carried a higher balance on their credit cards during the past 12 months.

This economic recession has had a devastating impact on the African American community. The survey, found that over the last 12 months, a third (33%) of African Americans 45+ had problems paying rent or mortgage, and 44% had problems paying for essential items, such as food and utilities.   Nearly twice as many African Americans 45+ lost a job than the general population (18% vs. 10%), and almost one in four (23%) lost their employer-sponsored health insurance.

Faced with the extraordinary impact of this economy, African Americans 45+ are more likely to turn to family or the community for assistance, and are more likely to help family members and friends cope with financial hardships. About one in five African Americans 45+ (22%) consulted friends or family members about finances. Eighteen percent had a child move in for financial reasons, and 44% helped a child pay bills or expenses.  Almost one in five (18%) helped a parent pay for basic necessities. African Americans age 45+ were more than twice as likely as all Americans 45+ to seek financial assistance from family, friends, charities and churches (28% vs. 13%).

AND MUCH MORE

________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 255-2703                
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
****************************************